On the 25th of April each year, we observe our National Day of Remembrance for those who served and died in wars, conflicts and peacekeeping operations. As a way of showing respect, businesses must stay closed until 1pm. That is unless you’re considered an essential – pharmacies, small grocery shops and takeaways. Every year, it’s not unusual to read of media headlines reporting of businesses missing out on thousands of dollars due to the restricted trading rules. We looked into consumer spending on Anzac Day this year to measure the impact on the retail sector.
In 2024, ANZAC Day generated -21.6% less spending and 18.6% less transactions than the average day in April, equating to ~$50m of electronic card spending. The impact was felt most by ‘traditional’ retail storetypes. Apparel & Personal, Home Hardware & Electrical and Department Stores & Leisure retailing all experienced drops of over 30% from the average day. Interestingly, Accommodation (+23.2%) and Cafes, Restaurants, Bars & Takeaways (+1.2%) experienced an increase in spending on ANZAC Day.
As ANZAC Day 2024 took place on a Thursday, it is likely that many opportunistically took the Friday off to have a 4-day weekend, aiding the hospitality and accommodation sectors, but further hindering other retailers.
When the ANZAC 4-day weekend was compared to the other three 4-day weekends in April (4th to 7th; 11th to 14th; and 18th to 21st April), that ANZAC weekend took in -5.6%. The lone bright spot was the Friday after ANZAC Day, which saw consumer spending up 6.3% on the average Friday in April. A mini retail frenzy after a half-day’s restrictions.
As a business, you may know your own sales but understanding the popularity of your direct and in-direct competitors may be elusive. To get a clearer understanding of your market and how you can make informed investment decisions that maximise growth, be sure to check in with us. We’d love to hear from you.
